HYPE Token Surges 12% to New All-Time High of $40.99

Hyperliquid’s HYPE token has experienced a significant surge, reaching an intraday high of $40.99 and trading around $40.86. This marks a new all-time high for the cryptocurrency, driven by intense market speculation and growing institutional interest. The token has gained over 12% in the last 24 hours, solidifying its position as a key player in the crypto market.

HYPE has formed an ascending triangle, a pattern known for bullish outcomes. Higher lows steadily build pressure against resistance near the previous all-time high. This formation suggests a measured move toward $46.35. The target aligns with the 141.40% Fibonacci extension. It stretches from December’s peak of $35.51 to April’s low of $9.32. On-chain data further strengthens the case. Open Interest hit a record $1.69 billion, up from $1.42 billion in just days. Meanwhile, Total Value Locked on Hyperliquid has reached an all-time high of $1.97 billion. The rising TVL highlights growing platform usage and genuine demand for HYPE-based services. Momentum indicators also lean bullish. The Relative Strength Index (RSI) now reads 68, sitting comfortably above neutral. Moving Average Convergence Divergence (MACD) is approaching a bullish crossover, often a signal of upward momentum.

Beyond the charts, the broader market structure appears healthy. Funding rates remain neutral to slightly positive. This balance suggests neither excessive greed nor fear dominates current sentiment. Liquidation risks look minimal. Exchanges show relatively clean liquidation levels, reducing chances of sudden sell-offs. Capital rotation trends add another bullish layer. Investors are shifting funds from older blockchains into the HyperEVM ecosystem. This migration reflects a search for fresh opportunities and narratives.

Some analysts even compare HYPE’s potential to larger tokens like Cardano. If HYPE matched Cardano’s market cap, the token could reach $72.87. This projection offers a glimpse of long-term upside. Institutional interest further fuels optimism. Reports of large spot purchases hint at strong conviction among serious players. Such activity often drives more sustainable rallies. Key resistance now sits at the previous high of $39.96. A breakout could ignite the next leg toward $46.35. Support lies at $33.01, Saturday’s low. Holding this level would maintain the current bullish structure.

In summary, HYPE’s rally stands on solid ground. Record TVL, rising Open Interest, and a strong technical setup suggest more gains ahead. Traders should keep a close eye on the breakout zone. The next move could be fast and powerful. The fundamentals of Hyperliquid are equally impressive. The Total Value Locked (TVL) is estimated to be between $560 million and $1.46 billion, indicating a strong adoption rate. Futures Open Interest has surpassed $1.7 billion, demonstrating a high level of trader commitment to the platform. Additionally, stablecoin reserves exceed $3.6 billion, ensuring robust liquidity and scalability. These metrics suggest a rapidly expanding Layer-1 ecosystem designed for high-throughput on-chain perpetual trading.

Hyperliquid’s unique tokenomics strategy further sets it apart. The protocol uses approximately 97% of its daily trading revenue to buy back HYPE tokens from the market, amounting to roughly $1 million daily. Over $850 million worth of tokens have already been repurchased and removed from circulation. This strategy tightens the supply while increasing demand, reinforcing HYPE’s bullish structure. The token has a maximum supply of 1 billion, with approximately 333 million currently circulating. There is also an active burn mechanism, and emissions are scheduled to taper through 2027–2028.

Beyond speculation, HYPE powers the Hyperliquid Layer-1 blockchain, a high-performance decentralized exchange (DEX) offering on-chain order books for perpetual futures trading. The token has multiple use cases, including staking and governance, fee reduction and rewards, and liquidity incentives for ecosystem dApps. The infrastructure is designed to process over 100,000 orders per second, with finality times under 1 second, making it one of the fastest DEX systems available.

Looking ahead, HYPE appears to be entering price discovery mode, with traders eyeing $46 as the next key psychological level. Support levels sit around $32–$35, and any retracement into this zone could offer new entry points. However, the reliance on whale behavior and sustained trading volume makes it sensitive to external shifts. High concentration of holdings could lead to volatility if whales exit positions, and revenue-driven buybacks mean token strength is closely tied to platform usage—any volume drop could dampen price support.